5 year weekly current moving average support @ $27, resistance $29.02.
Closed below ma support during the first 2 weeks of June ending 6/3 & 6/10 and rallied last week (6/17) to close above support @ $27.33. Currently trading in line with last Fridays close this candlestick is looking stronger and appears to be building upon last week.
2 year daily shows all moving averages are higher and resistance begins @ $28.80, 28.92 & 30.46. Still rallying off its $25.26 low on 6/8 with a few gaps thrown in indicating some panic in traders feeling that they possibly missed the bottom last week. WFC looks like it is beginning to firm up here and may have found its legs for the time being.
RSI & MACD indicators are both pushing higher and are either at or just below their respective neutral ranges.
27.49, 28.80, 29.83, 30.90
NET NET – I think maybe a good time to get your feet wet here. It is testing $27.49 fib resistance for the 3rd time in the past 6 trading sessions. Fib resistance @ $28.80 coincides with moving average resistance @ $28.80 so there is a better than average chance that it gets turned back at that level. With both RSI & MACD trending up from oversold and pushing higher I think that as this becomes more clear to others in the days ahead this gets a pop from these levels.
Near term target – $28.80 (conservative I know) but I need to see WFC break thru this level as there is both Fib resistance & 2 levels of MA resistance converging there. At that point I will be looking for 30.50+. For now, I would be legging into the long here and keep the powder dry for a pullback.
Stop loss $25.68 = (7.5%)
$28.80 = +4.65%
$30.54 = +10%